Is it a good idea to use DHCP for point to point connections ?

[Jerome Herman]

Hello,

Given the price (an tedious management) of layer 3 switches I was 
thinking about using modified DHCP to distribute addresses with a /32 
netmask (255.255.255.255)

The Idea : Create a cheap (and preferably not dirty) way to have client 
isolation, without creating tons of vlan.

Pratictal overview : The DHCP server will be serving IP addresses and 
gateways with a /32 mask.
Client1 would recieve IP adress of 241.0.0.1 with a netmask of 
255.255.255.255 and a gateway of 240.0.0.1
Client2 would recieve IP adress of 241.0.0.2 with a netmask of 
255.255.255.255 and a gateway of 240.0.0.2
Client3 would recieve IP adress of 241.0.0.3 with a netmask of 
255.255.255.255 and a gateway of 240.0.0.3
etc.

Of course the gateway will have to have as many IP as there are clients 
(Unless I am mistaken)

The questions :
- Is there something similar already existing ? It must not require any 
configuration on the client side other than activating DHCP.
- Would this work ? I do not see why it would not, though I am a little 
anxious about having tens of point to point connections going to the 
same physical port.
- I could not find anything forbidding it in RFC2131, but then again I 
might be wrong. Am I ?
- One problem remains that is solved by vlan isolation but not by DHCP 
isolation : rogue DHCP servers. Any Idea to crush those ?

I hope it is not inappropriate to post this on this list. But it is an 
interesting problem (I think).

Jerome Herman